Segen has agreed to be sold to family-owned City Electrical Factors
Segen, founded in 2005, is a leading global distributor of residential and commercial rooftop solar photovoltaic systems, including energy storage and electric vehicle charging equipment. Segen sells products to installers through its proprietary online portal and is a market leader in the United Kingdom and South Africa with significant and expanding operations in Europe. The company has an impressive financial track record and an exciting growth outlook.
City Electrical Factors (CEF) was the founding business of Labora, a family-owned global group that has grown its footprint for 70 years across the UK, United States, Canada, Ireland, Spain and Australia. CEF is the UK’s second-largest electrical wholesaler and has the largest electrical distribution network with 400 stores across the country. CEF employs more than 3,500 people and is on track to generate upwards of £800 million in revenue this year.
The businesses are very complementary, with “Segen’s addition to our company helping us achieve our goal of expanding our renewable energy business,” according to Thomas Hartland-Mackie, President and Chief Executive Officer of Labora. Segen and CEF will remain separate and independent companies until the closing of the proposed transaction, which is expected in October 2021 and is subject only to competition/regulatory clearance in South Africa.
Lincoln acted as the exclusive financial advisor to Segen and its shareholders, working closely with the founder, Andy Pegg, and his management team throughout the sale process. This included a thorough preparation phase and the marketing, negotiation and management of due diligence phases as part of the transaction. K&L Gates LLP acted as legal adviser.
Harry Kalmanowicz and Julian Tunnicliffe, Managing Directors at Lincoln International, commented, “It has been a real pleasure working with the shareholders and excellent management team of Segen. This was an exciting mandate to support at a time when renewable energy’s relevance couldn’t be higher. We are very happy that Segen has found the ideal partner to look after the business and its employees and support its future growth.”
Thank you to Lincoln’s dedicated team for expertly guiding us through the sale process and to a highly successful outcome. I am very pleased that Segen has found such a fantastic new home.
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